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Prepare journal entries to record the transactions

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Question - On January 1, 2020, Machete Company sold land with carrying amount of P1,500,000 in exchange for a 9-month, 10% note with face value of P2,000,000. The 10% rate properly reflects the time value of money for this type of note. On April 1, 2020, the entity discounted the note with recourse. The bank discount rate is 12%. The discounting transaction is accounted for as a secured borrowing. On October 1, 2020, the maker dis-honored the note receivable, the entity paid the bank the maturity value of the note plus protest fee of P10,000. Prepare journal entries to record the transactions.

Reference no: EM133180287

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